The prospect of a property in Bellambi selling for around the $1 million mark may have seemed unthinkable several years ago.
However, the stigma that formerly surrounded the suburb seems to have lifted somewhat.
For example, a duplex at 42 Cawley Road, Bellambi sold for $1.2 million last year.
In December, a three-bedroom home at 72 Rothery Street sold for $830,000.
Among agents Jake Mackenzie and Charles Hegyi from MMJ North Real Estate’s current listings is a Bellambi home (address withheld at the vendor’s request) with an asking price of $880,000 to $940,000.
The four-bedroom home features two living rooms, a separate dining room, study and additional self-contained accommodation.
“It’s not quite at the $1 million figure yet for the individual houses, but a few years ago people didn’t look at Bellambi because of the stigma that came along with that suburb,” Mr Mackenzie said.
However, Mr Mackenzie said they were now seeing a lot of growth in the area, and “some high really sale prices as well”.
“I think now though they’re starting to realise the growth in Sydney and the Illawarra in the past few years, and they’re really looking at the factors of how close Bellambi is to the water.
“I think people are starting to look at Bellambi seriously. Where there was a little bit more choice before, that choice is a little more scarce, so Bellambi is a place they’re looking to purchase.”
He said Sydney buyers were often looking to buy somewhere that offered a coastal lifestyle, and while they may not know much about suburbs such as Bellambi, they recognise “what sort of house they can get for $700,000 to $800,000 there and that appeals to them”.
Meanwhile, Trever Molenaar from Molenaar and McNeice said Bellambi has had a negative stigma due to the high concentration of Department of Housing.
“So areas around there have had elevated crime levels and things like that,” he said. “However it’s a prime position in the northern suburbs on the beach.
“Now as the Department of Housing is being reduced, and the cost of land going up, it’s making it a lot more attractive to buyers. If you’d said to me five years ago that you could get over a million dollars for a property in Bellambi, I’d have laughed.
“Now, I wouldn’t even call it up-and-coming; I think it’s here and people have taken note of that.”
According to The Domain Group, the average age of Bellambi residents is 40 to 59.
Also, 34 per cent are families and 66 per cent are single.
The figures indicate that 21 per cent of residents fully own their own home, 23 per cent have a mortgage and 56 per cent are renting.